ECONOMICS

Detailed explanation-1: -Decision trees help businesses work through choices to determine the best outcomes for their organizations. According to CFO Selections, businesses use decision trees to lay out all possible outcomes and solutions, which can help them make informed choices on things such as these: Downsizing or expanding.

Detailed explanation-2: -A probability tree diagram is a handy visual tool that you can use to calculate probabilities for both dependent and independent events. To calculate probability outcomes, multiply the probability values of the connected branches. To calculate the probability of multiple outcomes, add the probabilities together.

Detailed explanation-3: -Decision trees are commonly used in operations research, specifically in decision analysis, to help identify a strategy most likely to reach a goal, but are also a popular tool in machine learning.

Detailed explanation-4: -Decision trees are models that represent the probability of various outcomes in comparison to alternatives.